BIDDEFORD DUPLEXES

Invest with Azimuth Equity Partners

This diamond in the rough went from being the worst buildings in the neighborhood to one of the most sought after rental homes in Biddeford. Each unit is 760sqr ft of livable space, has 700sqr ft of storage, independent boilers.

Units were renovated with luxury vinyl plank flooring, granite countertops, dishwasher, in unit washer/dryer, updated kitchen cabinets, updated bath. These amenities were met with a $700/mo increase over non renovated units.

Cash-on-cash return = 236%!

Pro Business Climate

A lot of people are moving to Maine to be able to work remotely
Lots of new apartments are being built out of old textile mills
Maine is a huge healthcare employer, as a result, many traveling nurses move to Maine needing to rent.

Excellent Location

The Duplexes are located within 2 miles from Southern Maine Healthcare, as well as 5 miles from the University of New England
1 hour away from Boston by train.
20 minutes to Portland, ME.
5 Miles to the Biddeford Pool Beach

Job & Income Growth

September 2023 unemployment rate 5.7%
Stable base of healthcare jobs and college students attending the University of New England

Strong Rental Market

7% effective rent growth year over year
Record low market vacancy at <4.5%
25% forecast rent growth over the next 5 years.